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Economy of Eswatini vs Zimbabwe compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $41.5B for Zimbabwe, ranking 162/197 and 102/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $30.3B (73% of GDP) in Zimbabwe.

Eswatini vs Zimbabwe GDP by year

Eswatini
Zimbabwe
1x
Year GDP, current $
Eswatini Zimbabwe
2024 $4,858,885,841 $41,539,411,516
2023 $4,621,191,262 $35,871,779,681
2022 $4,746,660,274 $40,757,561,709
2021 $4,807,069,277 $41,287,673,690
2020 $4,134,677,810 $31,980,334,561
2019 $4,617,018,959 $33,357,695,635
2018 $4,643,751,059 $34,141,666,667
2017 $4,462,640,651 $51,035,657,371
2016 $3,722,306,117 $20,559,250,000
2015 $3,908,217,914 $19,973,250,000
2014 $4,285,065,665 $19,505,500,000
2013 $4,463,396,204 $19,100,750,000
2012 $4,747,813,067 $17,123,500,000
2011 $4,722,912,047 $14,109,000,000
2010 $4,360,714,359 $12,047,750,000
2009 $3,525,213,502 $9,670,750,000
2008 $3,235,921,171 $4,418,000,000
2007 $3,391,122,887 $5,294,750,000
2006 $3,215,307,901 $5,446,750,000
2005 $3,097,946,371 $5,758,250,000
2004 $2,710,331,785 $5,808,500,000
2003 $2,149,632,433 $5,730,500,000
2002 $1,393,945,031 $6,345,250,000
2001 $1,502,870,486 $6,780,750,000
2000 $1,697,161,558 $6,693,250,000
1999 $1,547,888,496 $6,861,500,000
1998 $1,576,908,856 $6,405,250,000
1997 $1,716,714,070 $8,534,000,000
1996 $1,602,741,834 $8,557,500,000
1995 $1,698,989,464 $7,115,000,000
1994 $1,419,294,254 $6,894,250,000
1993 $1,357,189,552 $6,567,250,000
1992 $1,284,759,928 $6,755,000,000
1991 $1,156,135,718 $8,646,000,000
1990 $1,114,694,041 $8,788,301,546
1989 $696,921,542 $8,290,553,535
1988 $692,026,455 $7,818,774,177
1987 $584,126,092 $6,744,657,033
1986 $449,140,318 $6,220,698,247
1985 $360,079,419 $5,640,137,575
1984 $494,483,409 $6,355,369,172
1983 $555,336,146 $7,768,031,182
1982 $537,568,059 $8,544,060,905
1981 $570,774,825 $8,015,464,252
1980 $541,976,853 $6,682,278,300
1979 $412,093,134 $5,180,102,910
1978 $340,630,085 $4,353,822,343
1977 $304,060,076 $4,366,610,469
1976 $272,550,068 $4,320,576,877
1975 $288,299,789 $4,373,532,601
1974 $264,320,941 $3,984,194,614
1973 $221,915,128 $3,311,043,292
1972 $146,736,479 $2,679,096,597
1971 $136,462,081 $2,179,828,710
1970 $112,139,955 $1,885,168,339
1969 $105,419,958 $1,748,891,294
1968 $79,799,968 $1,480,355,355
1967 $74,759,970 $1,397,715,282
1966 $76,859,969 $1,282,403,936
1965 $70,279,972 $1,312,105,394
1964 $64,980,554 $1,217,759,447
1963 $54,129,438 $1,160,103,724
1962 $45,927,962 $1,118,172,226
1961 $43,026,043 $1,097,206,526
1960 $35,076,846 $1,053,528,036

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

GDP per capita in Eswatini vs Zimbabwe by year

Eswatini
GDP per capita

GDP per capita, PPP
Zimbabwe
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Zimbabwe
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $2,497 $5,928
2023 $3,756 $11,300 $2,195 $5,791
2022 $3,894 $10,635 $2,536 $5,396
2021 $3,984 $9,990 $2,614 $4,827
2020 $3,467 $9,329 $2,060 $4,179
2019 $3,913 $9,248 $2,184 $4,166
2018 $3,973 $8,535 $2,271 $3,993
2017 $3,853 $8,584 $3,445 $10,756
2016 $3,238 $8,484 $1,408 $4,275
2015 $3,420 $8,391 $1,387 $4,046
2014 $3,771 $8,366 $1,373 $3,903
2013 $3,950 $8,231 $1,363 $3,784
2012 $4,225 $7,760 $1,239 $3,472
2011 $4,225 $7,571 $1,038 $3,047
2010 $3,923 $7,324 $902 $2,661
2009 $3,190 $7,011 $736 $2,233
2008 $2,947 $6,914 $341 $1,987
2007 $3,109 $6,732 $414 $2,396
2006 $2,965 $6,319 $431 $2,454
2005 $2,871 $5,773 $461 $2,496
2004 $2,526 $5,310 $470 $2,591
2003 $2,015 $5,020 $468 $2,708
2002 $1,316 $4,742 $525 $3,238
2001 $1,430 $4,521 $566 $3,533
2000 $1,630 $4,401 $563 $3,429
1999 $1,502 $4,272 $582 $3,491
1998 $1,547 $4,137 $552 $3,527
1997 $1,705 $4,038 $751 $3,457
1996 $1,619 $3,916 $767 $3,372
1995 $1,751 $3,777 $648 $3,051
1994 $1,461 $3,526 $634 $3,012
1993 $1,397 $3,371 $605 $2,703
1992 $1,362 $3,289 $631 $2,651
1991 $1,273 $3,236 $831 $2,930
1990 $1,278 $3,202 $867 $2,757
1989 $832 - $840 -
1988 $865 - $816 -
1987 $765 - $726 -
1986 $611 - $693 -
1985 $510 - $649 -
1984 $726 - $757 -
1983 $843 - $959 -
1982 $843 - $1,096 -
1981 $925 - $1,069 -
1980 $908 - $949 -
1979 $714 - $779 -
1978 $610 - $665 -
1977 $563 - $677 -
1976 $521 - $687 -
1975 $568 - $717 -
1974 $536 - $674 -
1973 $463 - $579 -
1972 $315 - $483 -
1971 $301 - $406 -
1970 $254.2 - $361 -
1969 $245.2 - $346 -
1968 $190.4 - $302 -
1967 $182.8 - $294.4 -
1966 $192.7 - $278.7 -
1965 $181 - $294.3 -
1964 $171.6 - $281.9 -
1963 $146.4 - $277.1 -
1962 $127.1 - $275.7 -
1961 $121.8 - $279.2 -
1960 $101.6 - $276.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $2,497 in Zimbabwe, ranking 148/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Zimbabwe ranks 154th at $5,928.

Economic indicators

Eswatini Zimbabwe
Gross domestic product
$4.86B
2024
$41.5B
2024
GDP rank
162/197
2024
102/197
2024
GDP growth
2.97%
2023-2024
1.74%
2023-2024
GDP per capita
$3,910
2024
$2,497
2024
GDP per capita rank
131/197
2024
148/197
2024
GDP per capita, PPP
$11,799
2024
$5,928
2024
GDP per capita PPP rank
126/197
2024
154/197
2024
Government debt
$1.93B
2024
$30.3B
2024
Debt-to-GDP ratio
39.8%
2024
73%
2024
Government debt per person
$1,554
2024
$1,824
2024
Government debt per person rank
130/185
2024
121/185
2024
Average annual personal income after taxes
$3,913
2026
$2,897
2026
Market capitalization of domestic companies
$234M
2007
$2.46B
1999
Number of billionaires
1
2025
1
2025
Income share by richest 10%
42.7%
2016
40.5%
2019
Income share by poorest 10%
1.4%
2016
1.9%
2019
Government expenditure, % of GDP
33.3%
2024
12.9%
2024
Consumer prices inflation
2.6%
2018-2019
736%
2023-2024
Central bank interest rate
6.75%
2025
35%
2024
Unemployment rate
34.6%
2023
12.1%
2024
Population
1273390
17361868

Spending and national debt comparison by year

Eswatini
Spending

Debt
Zimbabwe
Spending

Debt
1x
Year % of GDP
Eswatini Zimbabwe
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 12.9% 73%
2023 32% 40% 15.5% 76.1%
2022 29.6% 40.5% 14.4% 66.8%
2021 30.1% 38.4% 12.8% 39.9%
2020 32.7% 38.2% 9.27% 56.8%
2019 32.9% 30.7% 9.36% 53.9%
2018 32.2% 27% 13.9% 33%
2017 33.9% 21.9% 19.8% 49%
2016 34.7% 20.5% 16.6% 35.1%
2015 35.3% 16.4% 14.7% 34.1%
2014 33.3% 14.3% 14.1% 29.2%
2013 29.4% 15.5% 14.7% 26.4%
2012 27.8% 15.2% 14.6% 27.2%
2011 26% 15.1% 16.2% 30%
2010 31.6% 14.5% 12.8% 33.2%
2009 34.5% 10.8% 7.93% 39.7%
2008 34.4% 15% 2.54% 41.3%
2007 31.2% 16.6% 3.43% 30.2%
2006 28.2% 15% 5.72% 26.7%
2005 29.7% 13.9% 10.5% 22.4%
2004 32% 15.5% - -
2003 26.4% 18% - -
2002 27.2% 17.6% - -
2001 26.4% 22.4% - -
2000 25.3% 18.7% - -
1999 26.5% 17.2% - -
1998 22.5% 15.9% - -
1997 21.2% 13% - -
1996 23.3% 12% - -
1995 20.5% 12.9% - -
1994 24.7% 13.8% - -
1993 24% 15.6% - -
1992 26% 16.6% - -
1991 20.3% 20.1% - -
1990 18.7% 20.4% - -
1989 15.8% 26.8% - -
1988 15.6% 27.5% - -
1987 17% 36.1% - -
1986 19.8% 44% - -
1985 22.3% 45.5% - -
1984 22.2% 29.7% - -
1983 23.2% 28.7% - -
1982 24% 29.2% - -
1981 23.8% 24.3% - -
1980 19.6% 27.2% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Zimbabwe spent $5.37B, or 12.9% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 73% in Zimbabwe, ranking 134/185 and 50/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Zimbabwe
1x
Year Deficit/surplus, % of GDP
Eswatini Zimbabwe
2024 -1.36% -1.06%
2023 -0.67% -3.9%
2022 -5.4% -3.3%
2021 -4.68% -2.24%
2020 -4.27% -0.34%
2019 -6.26% -1.72%
2018 -6.72% -3.81%
2017 -5.68% -7.37%
2016 -8.54% -4.63%
2015 -6.03% -1.45%
2014 -1.18% -0.71%
2013 0.59% -0.69%
2012 3.48% -0.13%
2011 -4.02% -1.72%
2010 -9.52% -0.11%
2009 -3.06% -1.39%
2008 1.63% -1.2%
2007 2.44% -1.67%
2006 8.88% -1.4%
2005 -1.7% -3.46%
2004 -4.1% -
2003 -2.15% -
2002 -3.78% -
2001 -2.31% -
2000 -1.22% -
1999 -1.27% -
1998 1.07% -
1997 2.11% -
1996 -1% -
1995 0.9% -
1994 -3.61% -
1993 -3.29% -
1992 -2.9% -
1991 3.4% -
1990 5.61% -
1989 5.82% -
1988 3.23% -
1987 2.03% -
1986 -2.41% -
1985 -1.33% -
1984 1.25% -
1983 -0.6% -
1982 0.11% -
1981 -4.29% -
1980 6.55% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

In 2024, Eswatini's government deficit, the difference between spending and revenue, was $66.2M, equivalent to 1.36% of GDP. This compares to Zimbabwe's deficit of $438M, or 1.06% of GDP.

Over the past 20 years, Eswatini recorded a fiscal deficit in 15 of those years, while Zimbabwe ran a deficit in 20 years. On average, Eswatini posted an annual deficit equal to 2.6% of GDP, compared to deficit of 2.11% of GDP for Zimbabwe.

Inflation comparison by year

Inflation
Eswatini

Zimbabwe
1x
Year Consumer prices inflation
Eswatini Zimbabwe
2024 - 736%
2023 - 667%
2022 - 193.4%
2021 - 98.5%
2020 - 557%
2019 2.6% 255.3%
2018 4.82% 10.6%
2017 6.22% 0.9%
2016 7.85% -1.6%
2015 4.95% -2.4%
2014 5.68% -0.2%
2013 5.62% 1.6%
2012 8.94% 3.7%
2011 6.11% 3.5%
2010 4.51% 3%
2009 7.45% 6.2%
2008 12.7% 157%
2007 8.08% -72.7%
2006 5.3% 33%
2005 4.77% -31.5%
2004 3.45% 113.6%
2003 7.29% -8.6%
2002 12% -34.4%
2001 5.94% -37.2%
2000 12.2% 4.5%
1999 6.09% -13.4%
1998 8.11% -28%
1997 7.13% -1%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 15.7% in Zimbabwe. In 2019, inflation was 2.6% in Eswatini and 736% in Zimbabwe.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $42.6M
Processed food, beverages & tobacco $3.9M
Textiles & consumer goods $557K
Machinery & equipment $459K
Miscellaneous $216K
Raw agricultural goods $123K
Raw materials & minerals $62K
Metals $42K
Wood & paper products $37K
Zimbabwe
Export category Export value
Precious metals & jewellery $1.5M
Processed food, beverages & tobacco $597K
Animal & marine products $73K
Miscellaneous $52K
Textiles & consumer goods $24K
Chemicals & pharma $7K
Wood & paper products $1K

Balance of trade

Eswatini Zimbabwe
Current account balance
$78.3M
2024
$501M
2024
Current account balance ranking
69/190
2024
62/190
2024
Current account balance, % of GDP
+1.61%
2024
+1.21%
2024
Goods imports
$2.07B
2024
$9.06B
2024
Goods exports
$2.33B
2024
$7.79B
2024
Service imports
$542M
2024
$1.66B
2024
Service exports
$234M
2024
$457M
2024
Imports of goods and services, % of GDP
53.7%
2024
23.4%
2024
Exports of goods and services, % of GDP
53.8%
2024
18%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Eswatini Zimbabwe
Economic freedom 57.5 35.2
Economic freedom ranking 116/197 190/197
Property rights 42.5 19.4
Government integrity 29.7 20.7
Judicial effectiveness 35.5 16.8
Tax burden 78.6 73.6
Government spending 71 93.9
Fiscal health 87.5 52.4
Business freedom 49.9 42
Labor freedom 55.2 33.3
Monetary freedom 76.8 0
Trade freedom 73.6 50.4
Investment freedom 50 10
Financial freedom 40 10

Economic freedom comparison by year

Eswatini
Zimbabwe
1x
Year Economic freedom index
Eswatini Zimbabwe
2026 57.5 35.2
2025 56.4 35.1
2024 55.6 38.2
2023 54.9 39
2022 51.4 33.1
2021 55.1 39.5
2020 55.3 43.1
2019 54.7 40.4
2018 55.9 44
2017 61.1 44
2016 59.7 38.2
2015 59.9 37.6
2014 61.2 35.5
2013 57.2 28.6
2012 57.2 26.3
2011 59.1 22.1
2010 57.4 21.4
2009 59.1 22.7
2008 58.4 29.5
2007 60.1 32
2006 61.4 33.5
2005 59.4 35.2
2004 58.6 34.4
2003 59.6 36.7
2002 60.9 36.7
2001 63.6 38.8
2000 62.6 48.7
1999 62.1 47.2
1998 62 44.6
1997 59.4 48
1996 58.6 46.7
1995 63.3 48.5

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 35.2 for Zimbabwe, ranking 190/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Zimbabwe
Services, % of GDP
51.4%
2024
50.6%
2024
Industry, % of GDP
34.7%
2024
35%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
8.69%
2024
GNI, Atlas method
$4.46B
2024
$39.9B
2024
GNI per capita, PPP
$10,760
2024
$5,870
2024
Total reserves including gold
$479M
2023
$485M
2024
Total reserves ranking
159/177
2023
157/177
2024
Net foreign direct investment
-$11.8M
2024
-$465M
2024
Net inflows of foreign direct investment
$75.5M
2024
$465M
2024
Net outflows of foreign direct investment
$63.8M
2024
$131M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
3.44%
2024
Poverty at national poverty lines
58.9%
2016
38.3%
2019
Gross capital formation, % of GDP
15%
2024
8.85%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/eswatini/zimbabwe | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.